Slide 1: 2024 HY results
2024 HY results CIC Market Solutions Roadshow North America 23 SEPTEMBER 2024
Slide 2: Agenda
2024 Half-year results Agenda 01 • H1 2024 Highlights 04 • Q&A 02 • H1 2024 Financial Results 05 • Appendix 03 • Wrap-up & Outlook 2024 Half-Year Results H1 2024 Highlights H1 2024 Financial Results Wrap-up & Outlook Q&A Appendix
Slide 3: Business Lines
Introduction Business Lines SALE IN PROGRESS ONE CP REMAINING FOR CLOSING ENERGY DISTRIBUTION RENEWABLE ELECTRICITY BULK LIQUID STORAGE (JV) Steady development and improved profitability PRODUCTION Accelerated development RETAIL & MARKETING SUPPORT & SERVICES Africa, Caribbean, Europe Europe (Photos
Slide 4: H1 2024 Highlights
01 H1 2024 Highlights Clarisse GOBIN-SWIECZNIK Managing Partner
Slide 5: H1 2024 Highlights
01 H1 2024 Highlights Solid operating performance after a record H1 2023 EBITDA at €358m High level of cashflow(2) Photosol secured generation €352m 2024 Guidance stable yoy on a portfolio at 1 GW reiterated comparable basis(1) +6% vs H1 2023 (+55% yoy) High cashflow confirming confidence in dividen
Slide 6: H1 2024 Operating Highlights
01 H1 2024 Operating Highlights Robust performance in Energy Distribution – Major milestone passed in Renewable Electricity Production ENERGY DISTRIBUTION RENEWABLE ELECTRICITY PRODUCTION Secured portfolio EBITDA €11m Dynamic growth in LPG and bitumen 1 GW +12% vs H1 2023 volume ~30% of volume, +17%
Slide 7: Investment policy
01 Investment policy A disciplined approach aimed at securing long-term returns while transitioning ENERGY DISTRIBUTION RENEWABLE ELECTRICITY PRODUCTION ▪ Bolt-on acquisitions in locations complementary to our existing network ▪ Project IRR [7-9]% unlevered ▪ Opportunistic acquisitions with a short
Slide 8: H1 2024 Financial Results
02 H1 2024 Financial Results Marc JACQUOT CFO
Slide 9: Operating performance
02 Operating performance Several non-recurring items distort the global picture H1 2023 H1 2024 In million euros Operating performance 3 15 EBITDA H1 2023 Naira Madagascar Compensation- EBITDA H1 2023 Operating EBITDA H1 2024 Compensation- EBITDA H1 2024 Other (reported) passthrough shortfall refund
Slide 10: H1 2024 Key figures
02 H1 2024 Key figures Robust operating performance despite headwinds – Cash-flow generation maintained at a high level NET INCOME CAPEX Retail & Marketing 24 EBITDA(1) - % € €130m 35 108 68 -4% vs H1 2023 (1) H1 2023 H1 2024 Support & Services Energy Distribution Capital expenditure EBITDA - % € CO
Slide 11: Business performance
02 Business performance EBIT on a comparable basis -5% - Continued strong performance in the Caribbean offset by challenges in Africa EBIT (reported) 323 EBIT BRIDGE – H1 2023 – H1 2024 (€M) Non- comparable items RENEWABLE ELECTRICITY 30 ENERGY DISTRIBUTION PRODUCTION EBIT (on a comparable basis) 29
Slide 12: Financial results
02 Financial results Income statement (in million euros) H1 2024 H1 2023 Var % EBITDA 358 409 -12% • Strong performance in the Caribbean • EBITDA and EBIT on a comparable basis decreased by 1% and 5% EBIT 257 323 -20% respectively Share of net income from associates 5 6 -15% • H1 2024 includes only
Slide 13: Financial results: Net debt development
02 Financial results Net debt development In million euros 1,491 1,360 ● Net debt €1,491m 1,079 993 ▪ €412m non-recourse debt from Photosol SPV − Mostly fixed rate (swapped) − 20 years maturity ▪ €1,079m corporate net debt − 2/3 fixed rate and 1/3 variable − Average maturity increased to 5 years NFD
Slide 14: Wrap-up & Outlook
03 Wrap-up & Outlook Clarisse GOBIN-SWIECZNIK Managing Partner
Slide 15: H1 2024 Key take-aways
03 H1 2024 Key take-aways Solid first-half resisting headwinds thanks to product and geographies diversification CONTINUED HIGH LEVEL OF SALE OF RUBIS TERMINAL ACTIVITY IN THE CARIBBEAN HIGH CASHFLOW, HEALTHY AND CLOSING RELATED DIVIDEND SUPPORTING GROUP STABLE BALANCE SHEET PAYMENT EXPECTED IN Q4 P
Slide 16: Updated 2024 Outlook
03 Updated 2024 Outlook G ’ 2024 OUTLOOK ▪ Excellent performance of the Caribbean region expected to continue ▪ Global Minimum Tax implementation ▪ Acceleration of renewable electricity development costs ▪ Capital gain from Rubis Terminal stake sale GUIDANCE ▪ x €[ -775]m ▪ Net income Group Share to
Slide 17: Q&A
04 Q&A
Slide 18: Appendix
05 Appendix
Slide 19: Photosol portfolio as of June 2024
05 Photosol portfolio as of June 2024 Project pipeline 5.2 GW +35% vs Jun-23 3,614 Pipeline: 5x secured portfolio 2,939 2,318 1,528 1,588 1,397 Secured porfolio 992 MW +55% vs Jun-23 435 460 467 394 367 96 91 151 66 In operation Under construction Ready-to-Build Advanced development Early stage Jun-
Slide 20: Energy Distribution operating performance
05 Energy Distribution operating performance ENERGY DISTRIBUTION (in million euros) H1 2024 H1 2023 Var % ● Retail & Marketing Retail & Marketing ▪ Strong demand for LPG in Europe (Autogas) and bulk in Morocco Volume ('000m3) 2,973 2,867 4% o/w Europe 464 451 3% ▪ Fuel: o/w Carribean 1,145 1,091 5%
Slide 21: Financial performance
05 Financial performance H1 2024 H1 2023 Var % EBITDA 358 409 -12% o/w Energy Distribution Retail & Marketing 258 300 -14% o/w Energy Distribution Support & Services 114 115 -1% o/w Renewable Electricity Prodution 11 10 12% o/w Rubis SCA Holding -24 -16 46% EBIT 257 323 -20% o/w Energy Distribution
Slide 22: Annual cash-flow allocation mechanism for Rubis Group
05 Annual cash-flow allocation mechanism for Rubis Group Financing investments with cashflow from legacy activities while pursuing dividend growth Dividend 200 Energy Capex Energy Distribution add. Cash available for Distribution 50% Corp. debt growth capex 80 leverage 40 40 CASHFLOW Cash available
Slide 23: A proactive CSR approach
05 A proactive CSR approach Our progress for a positive impact Highlights on 3 key objectives of our CSR Roadmap (updated June 2024) Environment People Society Reducing our Providing a safe Contributing to a more OBJECTIVES environmental footprint and stimulating working virtuous society environment
Slide 24: Extra-financial ratings
05 Extra-financial ratings 2024 Half-Year Results 24 H1 2024 Highlights H1 2024 Financial Results Wrap-up & Outlook Q&A Appendix
Slide 25: Financial calendar – Roadshows & Conferences
05 Financial calendar – Roadshows & Conferences • Photosol Day – 17 September 2024 – Paris • Roadshows post H1 2024 results & Photosol Day ▪ London – 18 September 2024 (CM-CIC) ▪ North America – 23-27 September 2024 (CM-CIC) ▪ Asia-Pacific – 14-18 October 2024 (HSBC) • Conferences ▪ Kepler Autumn Co
Slide 26: Next events
Next events Photosol Day: 17 | 09 | 2024 Q3 & 9M 2024 Trading update: 05 | 11 | 2024 FY 2024 Results: 13 | 03 | 2025 Photos credits: @ Gilles Dacquin © Rubis photo library DISCLAIMER ’ . uld you need more detailed information on Rubis, please consult the documents filed in France with the Autorité d